Investment Technology Group Inc. (ITG), an independent broker and financial technology provider, reported a wider loss for the third quarter on one-time charges that more than offset higher revenues.
Adjusted earnings for the quarter missed analysts' estimates, while revenues beat their expectations.
The company's third-quarter net loss was $47.0 million or $1.42 per share, wider than net loss of $23.9 million or $0.73 per share in the same period last year.
The latest quarter's results included a non-cash charge of $42.3 million, or $1.28 per share, to establish a full valuation allowance for U.S. deferred tax assets recorded as of June 30, 2017, as well as a charge of $1.1 million, or $0.03 per share, in intangible write-downs and legal fees related to the planned establishment of the Matrix derivatives venture announced in September 2017.
Excluding these, adjusted loss was $0.11 per share, compared to adjusted loss of $0.08 per share in the year-ago quarter.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the latest quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew to $114.5 million from $104.2 million in the year-ago period. Analysts had a consensus revenue estimate of $113.27 million.
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